RuPay credit card users! Do you know about the latest update? The National Payments Corporation of India (NPCI) has announced that it will soon introduce new features for the RuPay Credit Card on the Unified Payments Interface (UPI) platform.
As per an ET report, issuing entities like banks and card issuers will enable the new features, which includes EMI facility on linked credit accounts on the UPI app, Credit Account Bill Payment, Instalment Payment, and limit management, by May 31, 2024.
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As per a press release by NPCI dated March 29, 2024, to facilitate secure and easy transactions, the RuPay credit cards and pre-sanctioned credit lines can now be linked on UPI.
With this integration, users will have great convenience and more opportunities to utilize their credit cards and pre-sanctioned credit lines. On the other hand, the merchants will benefit from increased consumption as part of the credit ecosystem, accepting credit accounts through QR codes.
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Here are the new features:
EMI: The UPI app will enable the users to apply for an EMI facility on their linked credit accounts. Once the applicable terms and conditions are approved, the UPI app will accept the user’s UPI PIN. This feature will enable the user to convert their past purchases, performed using credit account into EMI through the linked UPI App from transaction history.
The UPI app will show the current EMIs in the correct section. As per the rules of the issuer company, the user cannot change or remove the EMI, except for foreclosure, as it would be treated as a loan.
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Credit Account Bill Payment/Instalment Payment
Users will be able to utilize the UPI app to make one-time payments or set up UPI AutoPay for paying overdue credit card bills and credit line installments, both for themselves and other users.
“To facilitate this, the Payer PSP will create a UPI ID for receiving credit account bill/instalment payments. The UPI app will give users a view to access details of linked credit card outstanding bills/credit line installment details (minimum amount due, total amount due, bill due date, etc.). The issuer bank will clear dues in real-time upon receiving payments, making the enhanced balance available to the user for usage,” as stated in the NPCI release.
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Limit Management
With the updated features, users can request an increase in their credit limit from the issuing company. This option can be used for significant purchases, emergencies, when there’s a small limit for ad hoc costs, during festivals, family occasions, etc. Additionally, this allows the issuing bank to initially set lower credit limits and then adjust them based on the user’s spending patterns.
However, this functionality allows changes to credit limits through UPI Apps, which could be generic or specific to a certain time, by entering the UPI PIN as explicit consent from the user.
